Ecosystem growth boosts Ethena, experts expect 65% gain

In the last 7 days, Ethena has gained 24.4% and is most recognized for its USDe stablecoin. On October 14, the market capitalization of the cryptocurrency asset crossed $1 billion. At $1.14 billion, it has already increased by 200% from its September low. Every day, it transacts with more than $318 million.

According to experts, Ethena has broken out of many patterns on the 1-day chart, indicating further upside. According to an anonymous trader, CryptoBull 360, ENA has broken out from an inverted head-and-shoulder pattern. This unique pattern suggests a significant bullish reversal that might support the ENA advance. Additionally, it surged above the top edge of a wedge formation that was widening and connecting the largest swings since April 10.

#ENA did strong breakout from Inverse head & shoulders pattern on daily TF + Broadening wedge too.. Bulls eye's $0.68 price levels as target (If only #BTC remains bullish). Volume still rising as good momentum, keep an eye on👀🚀$ENA #ENAUSDT #Ethena pic.twitter.com/hrVUVdVnn8

— CryptoBull_360 (@CryptoBull_360) October 15, 2024

The analyst has a $0.68 positive target on ENA. If Bitcoin stays at its present value, it will increase by 65%. Positive momentum for Bitcoin is still there. Assuming MisterSpread ENA maintains a price above the $0.42 support level, other analysts have expressed similar optimistic expectations, predicting a short-term high of $0.52.

Futures open interest spiked at the same time as ENA's price rose. After dropping to $137 million last week, it surged to $227 million, according to CoinGlass.This previous week, smart DEX traders—those renowned for reliably making money on decentralized exchange swaps—grabbed 2.25 million ENA tokens worth $932.5K, showing their faith in the token's future growth. The recent proposal by Ethena to incorporate its hedging and liquidity mechanism into Hyperliquid, a decentralized exchange for perpetual trading, is one of many triggers.

The Ethena Risk Committee is now reviewing a proposal that has the potential to improve transparency and decrease counterparty risks by transferring some of Ethena's hedging flow on-chain to Hyperliquid. The plan also calls for Hyperliquid to extend its DeFi integrations further by integrating the USDe stablecoin to its Layer 1 platform when the EVM mainnet launches.